Due to the recent downturn in global stock markets and cryptocurrency, profits are difficult to make. I therefore tried to find a way to be profitable in all market conditions. Whether it’s an uptrend, a downtrend or even a sideway, and it doesn’t take much initial investment to try it out. After studying for a while, I discovered that Forex trading is quite interesting and meets my needs. So, I tried to open a Forex trading account with Exness, which is a reliable and long-standing broker.
After trading Forex for about a month, I thought that I should share this information with my fan page. In case there are some readers who are newbies who want to know what Forex trading really is. This article will share the results of the trading starting from September 6 to October 7, 2022 and I myself is just a small retail investor and trader who has traded stocks, gold and cryptocurrency before. I have some basic knowledge of Technical Analysis and Fundamental Analysis, so I can apply these knowledge to Forex trading without having to spend much time learning new things.
Conditions used in this trade
- It took me about a month to trade but not trading every day. I started trading from Sept 6 to Oct 7, 2022
- The currency pair being traded is EUR/USD, no other currency pairs are traded.
- The account type is Standard, not Demo. The initial deposit in the portfolio is 100$.
- Each decision to buy or sell is based on looking at merely a candle stick chart on a mobile phone to identify trend, without adding additional indicators. Sending all orders by considering at support and resistance levels.
- Place all orders from mobile phone using the Exness app (not using MetaTrader software or a computer to trade at all).
Summary of Forex Trading Results EUR/USD from Sept 6 to Oct 7, 2022
- Earned a net profit of $233.57
- A total of 137 orders (117 profitable orders, 20 losses orders) has been executed 21 days in during a month (most of them were traded and closed within the day, rarely carry over the day). I spent around 30 mins per day to analyze the market, make buying & selling decision, including following the news.
- Leverage 1:100.
- During the trade an additional $200 was added (so the total cost = $300), as I expected to trade larger lots later, I tried to increase the total cost as a reserve margin in the portfolio to accommodate price swing. However, I did not increase the lot size during the trade as intended so the added funds were not used, and margin of only 100$ was quite enough per lot for this trade (lots traded around 0.02 – 0.10 most of the times because it is suitable for this cost level).
- The net profit is 78% (if cost is $300) or 233% (if cost is $100).
The table shows the profit and loss of all 137 closed orders.
- 117 profitable orders (profit amount $463.72), 20 losing orders (loss amount $230.15).
- From the figure below, notice that the maximum profit per order made is $50, while the maximum loss per order is up to $96.7 due to wrong strategic play. I did not set a clear cut loss target point at the time of trading. and stubborn, holding over the day. Anyway, fortunately that I can still continue to made profits and identified the trend correctly more often than not, so I can continue to grow profits. However, the matter of emotional control and following a strict plan is very important in Forex trading because if you miss more often you might lose all money easily
During this trade, two of my friends have also been experimenting with trading on their own portfolios but unfortunately they both losing the money. This may be due to their trading lots are too high relative to cost, not using technical analysis, and lack of the good money management. So this could be a sign that if we trade systematically, having a discipline to follow the system and good money management, we likely to have more chance to success in the trading game. This makes it possible to survive in the Forex market for longterm which is something that I still has to prove and learn further.
Hopefully the information in this article will be useful to some newbies. In the future if I am still trading Forex, I will come to share my trading results to all of you again.
For those who are interested in trying Forex for the first time, try opening a demo account first with $10,000 of virtual money. Don’t just use real money yet.
To apply for a demo account with Exness, click here.
